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Appraisal ReviewsAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the call of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Meade & Associates provides appraisal review services that are independent, expert, professional and in line with the Federal Reserve's regulations.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is relevant for the transaction, the exposure inherit in the transaction, and whether the means by which the property valuation is accomplished ensures independence and quality. In addition, they must show whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the outlook of the appraisal assignment. Lastly, the Federal Reserve goes on to say that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
In addition to conforming our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we can produce an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Meade & Associates, we are trained in all forms of appraisal reviews, review processes and the obligations of review appraisers.
For professional, impartial, ethical appraisal review services and truthful judgments, you can count on Meade & Associates. Contact Meade & Associates for more information about our qualifications, expertise and services offered. |
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Meade & Associates knows what the greatest reporting inadequacies are, especially in our housing market. We also know what amounts to a quality appraisal.
In this regard, the professionals at Meade & Associates are sufficiently experienced to acknowledge that the competitors in our market are skillful in doing a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to lawfully assess appraisal reports performed by others. And those others may be evaluating our work, too!